MARKET AND STOCK TRADING - JAKARTA. PT Tower Bersama Infrastructure Tbk (TBIG) has completed the Joint Infrastructure Issuance of Bond III Sustainable II in 2018 (TBIG III Bond Phase II).
As we know, the total value of TBIG III Phase II bond issuance is IDR 628 billion, with a fixed coupon rate of 8.50% and a period of 370 days. Coupons will be paid every three months.
TBIG will use all proceeds from the issuance of the bonds, after deducting the issuance costs, to pay part of the subsidiary's financial liabilities, especially revolving debt of US $ 200 million from the existing credit facility.
This TBIG III Phase II Bond received an AA- rating from Fitch Indonesia. These bonds will be listed on the Indonesia Stock Exchange on Friday (10/19).
As of June 30, 2018, total TBIG debt in US dollars protected reached Rp. 19.69 trillion (measured using hedging value) and senior total debt (gross senior debt) of Rp. 13.74 trillion.
TBIG's total net debt is IDR 18.99 trillion and net total debt reaches IDR 13.04 trillion.
By using the annualized 2018 second quarter EBITDA, TBIG's net senior debt to the EBITDA ratio is 3.6 times and the total net debt to EBITDA is 5.3 times.
Helmy Yusman Santoso, Chief Financial Officer of TBIG, said that the TBIG III Phase II bond increased the rupiah debt component in TBIG's capital structure.
"Our current leverage is still far below the limit of our bonds, which is not higher than 6.25 times for the ratio of total debt measured using annual hedging rates to the last quarter EBITDA," he said in a written statement on Thursday (10/18)
Hardi Wijaya Liong, TBIG's Chief Executive Officer added, has a very strong debt structure, debt that is fully hedged, long-term, and there are still many commitments that have not been used.
"We maintain a careful hedging strategy using sustainable derivative hedging instruments," he concluded.
